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Shares of YES Bank tanked 30 per cent in trade on Tuesday, after the bank reported a massive Rs 1,507 crore loss in the fourth quarter of financial year 2018-19 (Q4FY19). The numbers were released post market hours on Friday.

The results saw most brokerages downgrade the stock to ‘sell’, setting the 12-month price target lower by as much as 40 per cent from Friday’s close. Most also scaled back their earnings growth forecasts by up to 45 per cent for FY20 and also FY21. Large stressed pool, aggressive accounting practices and weakness in the retail franchise are among the reasons cited by analysts for their bearish stance.

However, some mutual funds who already held the stock in their funds / scheme / portfolio had increased their stake in the bank in the recently concluded quarter (March 2019), data mined from ACE Equity show.

Sundaram Mutual that added tops this list with an addition of 34,47,645 shares during the period under review, a whooping increase of 16,735 per cent over the December 2018 quarter, data show. Principal Mutual Fund and Taurus Mutual Fund are the other two fund houses that stocked up on YES Bank and increased their holding by a huge 7,001 per cent and 1,196 per cent, respectively.

Sundaram Mutual and Taurus Mutual, however, exited a bulk of its position at a profit before YES Bank announced its March 2019 quarter numbers last week, their officials clarified.

Disclaimer: The data is for the fourth quarter of financial year 2018 - 19 (Q4FY19). Some, or all, mutual funds may have exited their position / sold their holding in YES Bank before the company announced its financial results for Q4FY19.